The Italian arm of BNP Paribas REIM is understood to have launched the sale of the entire portfolio owned by the Dinamico listed closed-end fund, PropertyEU has learned.
BNP Paribas REIM SGR is believed to have hired advisors Vitale and GVA Redilco to market the fund's package which had a gross asset value of €152.9 mln per year-end 2020.
Well-informed market sources say the portfolio offers a value-add/opportunistic risk-return profile and is likely to appeal to private equity companies active in the country. The asset manager is selling the assets as part of the liquidation of the fund, which expires at end 2023.
Launched in 2005 with equity of €276 mln, Dinamico focuses on office, logistics and industrial assets across Italy. It currently owns just over 20 assets, with the largest properties located in Milan (Via Stephenson 94, Largo Nuvolari 1, Via Castellanza 11). The fund also owns a retail park in San Giuliano Milanese and a MediaWorld Tech Village at Viale Certosa 29 in Milan.
Last year Dinamico reported a loss of €20 mln largely due to the impact from Covid-19 which was in part responsible for writedowns of €25 mln across the fund's portfolio.
All parties declined to comment.
